European Central Bank president Christine Lagarde announces resignation

European Central Bank (ECB) President Christine Lagarde has announced her resignation, confirming she will leave office on February 7, 2027, nine months before her tenure expires.

The development, reported by CNN, was confirmed by the ECB in a statement released on Thursday, October 29.

Lagarde informed the bank’s Governing Council and European Council President António Costa of her decision.

“The Governing Council thanked President Lagarde warmly and gave her a long standing ovation,” the ECB stated.

The institution did not disclose reasons for her early departure.

Lagarde, who assumed office in November 2019, previously served as managing director of the International Monetary Fund and France’s finance minister.

Her resignation comes amid economic challenges facing Europe, including inflationary pressures and rising borrowing costs.

European leaders will appoint her successor, with former Dutch central bank governor Klaas Knot and Spain’s Pablo Hernández de Cos emerging as potential candidates.

The appointment process is expected to begin immediately.